PBMF Economic Concepts

The making, buying and selling of goods and services

• economics

• inflation

• market

• barter

Inability to satisfy all wants at the same time

• scarcity

• opportunity cost

• consumer sovereignty

• demand

Factors of production that are used in the production of goods and services

• production

• consumption

• supply

• resources

The amount of a good or service that producers are willing and able to offer for sale

• demand

• price

• supply

• choice

Construction worker, doctor, nurse, and teacher

• capital resources

• entrepreneurship

• human resources

• natural resources

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Which of the following is the total output of goods and services produced in a country?

• gross domestic product
• shortage
• surplus
• equilibrium

Which of the following can be defined as the taxes placed on imports?

• risks
• quotas
• tariffs
• embargos

Which of the following enhances value by having a product or service available to consumers during a certain time of day, month or year?

• Possession utility

• Information utility

• Place utility

• Time utility